Cartons of Oatly branded oat milk are arranged for a photo on Wednesday, September 16, 2020 in the Brooklyn neighborhood of New York, United States.
Gabby Jones | Bloomberg | Getty Images
Check out the companies that are making the headlines in midday trading.
Lordstown Motors – The electric truck maker’s shares fell 18.8% after the announcement of the resignation of CEO Steve Burns and CFO Julio Rodriguez. The moves came just days after Lordstown said it had serious doubts about its going concern due to challenges in funding production of its vehicles.
Oatly – The oat milk company’s shares fell 4.7% after a number of Wall Street firms began reporting on the stock. JPMorgan gave the company a neutral rating and said competition will increase in this area. Morgan Stanley rated the company as equally weighted, with Oppenheimer initiating reporting with a perform rating. Other firms are bullish, however, with Jefferies, Credit Suisse and Piper Sandler rating the stock with a buy-equivalent rating. Oatly’s shares are still up more than 15% for the month.
Square – The payment company’s shares rose 5.3% after Deutsche Bank repeated its buy rating on the stock. “SQ has evolved into a two-way financial ecosystem that continues to grow the entire addressable market and exceed expectations, and we see continued momentum on the horizon,” Deutsche Bank told its clients.
Philips – Philips shares fell about 4% after the Dutch medical device company published a recall on ventilators and sleep apnea machines. The company determined that some type of foam used in the devices could decompose and be toxic to users.
Chipotle Mexican Grill – The Mexican restaurant chain’s shares rose 1.7% after Raymond James upgraded the stock from “outperform” to “strong buy”. The Wall Street firm said the company had room to hike prices and the move would improve its financial results. Chipotle said last week that it raised menu prices 4% to cover rising wages.
Ferrari – The luxury automaker’s shares fell 2.9% after Goldman Sachs double downgraded the stock to sell from buy. The company said Ferrari’s move to electric vehicles could hurt cash flow in the short term.
Royal Dutch Shell – Energy stock traded about 2% higher as Royal Dutch Shell reportedly considered selling shale plants in Texas. The holdings could be valued at more than $ 10 billion. The deal isn’t imminent, but the company is in ongoing discussions with buyers.
Reddit Favorites – The movement of stocks popular on Reddit’s WallStreetBets forum continued on Monday after weeks of volatile trading. AMC Entertainment was up 15.4% and ContextLogic was up 12.7%. Clean Energy Fuels was up 3.4% while Wendy’s was up about 1%. Bed Bath & Beyond fell 5.5%, GameStop 1.7% and Clover Health 2.5% and BlackBerry 0.9% lower.
– CNBC’s Jesse Pound, Maggie Fitzgerald, Pippa Stevens, Yun Li and Tanaya Macheel contributed to the coverage
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